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re: Stubhub to issue 1099s for sales above $600
Posted on 12/29/21 at 11:10 am to Big Ole Baw
Posted on 12/29/21 at 11:10 am to Big Ole Baw
(no message)
This post was edited on 1/12/22 at 7:25 pm
2
Posted on 12/29/21 at 11:24 am to cssamerican
quote:If buying from your neighbor, pay cash or use a PayPal Friends and Family. Explanation? "He let me frick his wife. It was so good I felt like making a gift donation to her pussy's restoration."
It will just be some company that scalps them instead of your neighbor. This fixes nothing about tickets.
Posted on 12/29/21 at 11:33 am to bigblake
quote:Seems like this was in the news recently where this type of coercion was ruled as "not a donation", but more of a "this for that", making it NOT a donation.
How will this work with TAF donation. Yeah I paid face value for the ticket, but I had to donate $2000 to have the option to buy the tickets at face value.
It was the Locast streaming service, where you could get all your local OTA TV stations for free but the provider, Locast, would interrupt the programming to request $5 donations. If you donated, your stream was no longer interrupted. The court called it a "this for that" and ruled it was no longer a donation, but a requirement to get something. Not sure how the TAF donation "requirement" can be considered a tax exempt donation.
Posted on 12/29/21 at 11:33 am to bigblake
quote:
How will this work with TAF donation. Yeah I paid face value for the ticket, but I had to donate $2000 to have the option to buy the tickets at face value.
This is where is hurts season ticket holders who sell just trying to get their money back. TAF tradition funds are a huge part of season ticket costs but aren’t considered to be included in a ticket’s face value.
Posted on 12/29/21 at 11:36 am to T
quote:See my notes above re: Locast. Has this ever been challenged in court? It's just hiding the true cost, even though it's for a good cause.
This is where is hurts season ticket holders who sell just trying to get their money back. TAF tradition funds are a huge part of season ticket costs but aren’t considered to be included in a ticket’s face value.
Posted on 12/29/21 at 11:47 am to HubbaBubba
Tradition funds aren’t tax deductible anymore so from a fan’s point of view they may as well include that in the face value cost. I could see why LSU does it to make sure TAF (private) funds are kept separate from ticket funds (state money)
Posted on 12/29/21 at 12:02 pm to Big Ole Baw
quote:
99.99% of these 1099's that are issued are never going to be examined by the IRS.
I've had the IRS send me a huge tax bill because they counted several CDs that matured in one year as capital gains. The entire value of the CD was presumed to be a capital gain until I proved it wasn't. So if they can do something stupid like that with a CD, I think they are likely going to do it with 1099s.
Posted on 12/29/21 at 12:20 pm to Jimmy2shoes
SIAP but the bots are going to start stealing identities to continue their business, and random people are going to end up with 1099's owing thousands and thousands of dollars to the IRS.
Posted on 12/29/21 at 12:22 pm to deeprig9
is there any way this shite can be undone? it's all around awful in every way.
Posted on 12/29/21 at 12:59 pm to fr33manator
quote:
Right? What if I’m just loaning someone some money to cover a bill until they get paid, or paying back a loan, or really anything.
So now I have to deal with a headache and red tape and some goddamn bureaucrat?
Before, let’s say your kid is on vacation and loses their wallet or something. Needs money to rent a car, whatever
You could send money instantly Through one of the apps. Bam, done, crisis averted. Whether they paid it back or not, not really a big deal because it was just between you and the concerned party.
But now? So not only is it gonna summon some bean counter that you sent someone $700, but if they try to pay you back you’ll be called before the tribunal for that too.
If not sent as a payment for Goods or Services it will not count toward the amount that triggers a 1099K.
Posted on 12/29/21 at 1:22 pm to Obtuse1
frick it, I’m just gonna say it’s all panhandling from now on
Posted on 12/29/21 at 1:26 pm to ducktale
quote:
There are a million things we don't allow to be resold. Why we allow tickets is fricking beyond me.
Such as?……
There are over a million things that are allowed to be resold. Look at eBay and alibaba. Why be selective?
Posted on 12/29/21 at 1:31 pm to johnqpublic
quote:
Then I would write off the original price. If you paid $750 and sold them for $750 or less, there should be no tax.
Problem with some institutions is that for example LSU calls the majority of a club ticket a TAF donation. The face value of a season ticket is only $550 for all 7 games yet you have to pay $2850 for 1 season ticket. ($2300 TAF donation per seat + $550 face value) IRS will only allow you to write off the $550 and you would pay taxes on the “so called profit” of $2300 if you sold at “cost”. How is that fair?
Posted on 12/29/21 at 1:35 pm to HubbaBubba
quote:
I use Zelle to send money to my wife to pay the bills from her account. They can stick it up their asses if they want to 1099 that.
Well Mr hubba bubba every payment institution app is reporting these $600 total transactions including Zelle.
Posted on 12/29/21 at 1:42 pm to secfballfan
quote:
As much as this sux (and it does) keep in mind its only the profit you make, if you have LSU tix and pay a Tradition Fund fee (as most of us do) that goes into the cost. Also stubhub started asking you to input your cost early this year.
Your TAF fee is a “donation”.
Posted on 12/29/21 at 1:50 pm to ducktale
quote:
Good. frick everyone who holds tickets just to drive up prices.
I hear you on this, but there are proponents right now that are wanting to have every $600 transaction to be taken into account in all situations. Move $601 to your checking from savings, they want that logged for the IRS. It's a proposal but get ready for more IRS stringency as time goes on.
Posted on 12/29/21 at 2:18 pm to T
quote:It's definitely hair splitting.
Tradition funds aren’t tax deductible anymore so from a fan’s point of view they may as well include that in the face value cost. I could see why LSU does it to make sure TAF (private) funds are kept separate from ticket funds (state money)
Posted on 12/29/21 at 2:18 pm to Jimmy2shoes
The $3.5 trillion grant to to study the effects of wearing the same pair of underwear for three weeks straight doesn't pay for itself.
Posted on 12/29/21 at 2:18 pm to Demshoes
quote:
The $3.5 trillion grant to to study the effects of wearing the same pair of underwear for three weeks straight doesn't pay for itself
shite, I could give them the results of that for $350
Posted on 12/29/21 at 2:34 pm to Jimmy2shoes
Have to increase taxes on working folk so we can give out more welfare to the dregs of society
This post was edited on 12/29/21 at 2:35 pm
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